2023-03-22 05:55:00 ET
Between mid-November 2022 and mid-January 2023, shares of Altimmune (NASDAQ: ALT) skyrocketed over 90%. The excitement began to wane somewhat afterward. However, that was probably to be expected as the overall market retreated.
Investors eagerly anticipated Altimmune's announcement of clinical results for its experimental drug pemvidutide in treating obesity. Wall Street absolutely loved the biotech stock . But notice the use of the past tense in both of those statements. Why? Because Altimmune's shares crashed more than 50% on Tuesday.
It's an understatement to say that Wall Street had great expectations for Altimmune. All eight analysts who covered the stock and were surveyed by Refinitiv in February rated it as either a buy or a strong buy. The consensus 12-month price target for Altimmune reflected an upside potential of 169% compared to the stock's closing price on March 20, 2023.
For further details see:
Wall Street Absolutely Loved This Biotech Stock. But It Just Crashed More Than 50%.